ImmunoMet Therapeutics, a Houston, TX-based development stage biotechnology company focused on utilizing cellular metabolism to develop novel anti-tumor and immuno-oncology therapies, raised $5.0m in Series B financing.
Backers included Intervest, SL Investment, NHN Investment and Series A investors Mirae Asset Venture Investments, GNTech and Dr. Sung-wuk Kim, founder, Chairman and CEO of ImmunoMet.
The company intends to use the funds to advance the Phase 1 clinical study for IM156 and the preclinical studies of its immuno-oncology program that is focused on inhibiting immune suppressor cells.
Led by Kim and Benjamin R. Cowen, Chief Operating Officer, ImmunoMet develops IM156, an OXPHOS inhibitor, which is expected to enter a Phase 1 clinical trial in the second quarter of 2017. Additionally, its immuno-oncology program, IM188, is being developed in combination with immunotherapies, including an anti-PD1. The IM188 program is in late stage lead-optimization and has demonstrated tumor regression in a renal cancer model.
The company, a spinoff of HanAll, a Korean biopharma company, is headquartered at JLABS in Houston.